THE HOME DEVELOPMENT MUTUAL FUND (Pag-IBIG) LAW of 2009

After several Presidential Decrees, Executive Orders, and Republic Acts that came to pass, counting 29 years back, finally, Pag-IBIG Fund re-engineers its mandate. With the signing of RA 9679, Pag-IBIG is now wider and better. Features are:

1.  UNIVERSAL COVERAGE:


Extension of mandatory coverage to:

Employed individuals formerly considered voluntary:
• Those earning less than PhP 4,000.00 per month;
• Employed under an employer with a Waiver/Suspension of coverage;
• Household Helpers;

Self-employed groups:
• Practicing Professionals;
• Engaged in business (sole proprietors/ partners/ incorporators/ cooperators);
• Other earning groups;

Seafarers and Overseas Workers:
• Filipinos employed by foreign based (private) employers

Acceptance of voluntary membership of:
• Full-time housewives;
• Filipino employees of foreign government/international organization;
• Employees of an employer granted of Waiver/Suspension of coverage
• Leaders and members of religious groups;
• Public officials under the Barangays (under EO 308)
• Separated employees from their employment

2.  TAX EXEMPT

3.  EMPOWERMENT of the BOARD of TRUSTEES to:
• Upgrade the members’ contribution and employers’ counterpart contribution;
• Formulate a Condonation program for the borrowers’ and erring employers;
• Grant Waiver/Suspension of coverage when deemed reasonable;
• Deputize Legal Officers as Special Sheriff in foreclosure cases

4. BENEFITS:

• Mandatory contributory support of the employer
• Tax-free contributions
• Tax-free annual dividend earnings
• Return of all contributions
• Housing loan availment even to lower-income members
• Short-term loans
• 15 years optional withdrawal
• Membership portability
• Additional death aid assistance

For details on membership, visit our Pag-IBIG Davao Branch Office or call (082) 2228055 or 2275827.